Global Monorail Tire Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow at a CAGR of 23% from 2020 to 2027, reaching nearly US$ XX Mn.
Global Monorail Tire Market
Global Monorail Tire Market: Overview
Monorail is a type of railway which is run only on elevated track. Monorail runs on concrete track and it uses rubber tires to run on that track. Monorail is in operation due to rubber tires. The monorail tires are highly customized according to different size and shape as per application. Monorail consists of four steering and eight loading tires and about 32 tires for guiding car train. Monorails are ideal for intercity traffic solution and employed in congested urban cities. Monorails are simple in design and easy to operate in such areas.
Increasing demand for safe and convenient travel and increasing population in urban areas needs solution to serve these problems is monorail. Major concern in urban area is space availability, however, the monorail occupies less space and it is elevated above traffic congestion. These advantages of monorail are expected to raise global market. Global Monorail Tire Market is directly depended on the growth of Monorails.
Global Monorail Tire Market: Drivers
• Increasing rate of road accident and traffic on road increasing driving the market for monorail relatively it will increase market for Global Monorail Tire. • Monorails are safer and convenient than on road vehicle. • Monorails are in operation due to tires will reduce noise pollution. • Monorails are space saving and easy to design in urban areas.
• Air pollution due to transportation is a major problem for the globe while monorail generates less pollution.
Global Monorail Tire Market: Restraints
• Demand for articulated vehicle is increasing due to its lesser capital cost requirement.
• Limited passenger carrying capacity and maintenance cost of monorail may hamper Global Monorail Tire Market.
Global Monorail Tire Market: Tire Type
By Tire Type, monorail tire type is segmented into Load tire, Guide tire, and Steering tire. Guide Tire segment has more market share in global monorail market due to large numbers of guide tires installed in Monorail compared to other tire segment. The guide tires are spring loaded to maintain balance on both side of beam.
In terms of tire, pressure monorail tire is segmented by pressure in two types less than 150 psi and more than 150 psi. More than 150 psi segment is leading the Global Monorail Tire Market. Moreover, guide tires are rated for weight more than 3000 pounds per tire.
Global Monorail Tire Market: Regional Overview
Global Monorail Tire Market is segmented into various regions like Asia Pacific, North America, Europe, South America, and Middle East & Africa. Among these, Asia Pacific has a major share in Global Monorail Tire Market. This is due to the adoption of railway as transportation along with new ongoing railway projects in the region and is expected to boost Monorail market, as well as increasing market for Monorail Tire. Moreover, increasing traffic on road, rapid urbanization, increasing demand for safe and cost-effective transportation are the factors driving Global Monorail Tire Market.
Global Monorail Tire Market: Segmentation
Global Monorail Tire Market is divided into Monorail Type (Straddle Type, Suspended Type), Propulsion Type (Electric, Magnetic levitation), and Region (North America, Europe, Asia pacific, Middle East and Africa, and Latin America). The Global Monorail Tire Market is expected to have the highest market share in the forecasted period. Global Monorail Tire Market is emerging in region like North America and Asia Pacific where highest amount of monorail projects is in progress. Safety, environment, and convenience in urban transportation solution are the main factors for its development. The increasing need for transportation withstands increasing urbanization and road traffic is main concern. The rising demand for space saving transportation in China, India, and the US is expected to give a momentum to global Monorail Tire market in the forecasted period.
The report also helps in understanding Monorail Tire Market dynamics, structure by analyzing the market segments and projects the Monorail Tire Market size. Clear representation of competitive analysis of key players by Propulsion Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Monorail Tire Market make the report investor’s guide.
Scope of the Monorail Tire Market
Monorail Tire Market, By Monorail Type
• Straddle Type • Suspended Type
Monorail Tire Market, By Propulsion Type
• Electric • Magnetic Levitation
Monorail Tire Market, by Region
• Asia Pacific • North America • Europe • South America • Middle East & Africa
Key players operating in Monorail Tire Market
• Michelin, Continental AG • JK Tire & Industries Ltd • Goodyear Tire & Rubber Co
• Bridgestone Corporation.
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